Olympic Park legacy plans will have to be looked at again in light of a new deal[1] to cover the £231m of debt linked to purchasing the site[2], the Mayor’s Chief of Staff said today.
Sir Edward Lister told the London Assembly’s Budget and Performance Committee that the money tied up in the site is now a key part of the Mayor’s regeneration budget going forward so it needs to be spent to the best advantage of the Greater London Authority (GLA) as a whole.
John Biggs, Chair of the Budget and Performance Committee said: "The new deal, while welcome in the long term, means that the Mayor will have to balance reducing the GLA’s debt against his regeneration aims.
"When we meet the Mayor next week we will ask him how he plans to manage these pressures going forward to ensure he gets the best outcome for Londoners."
The Committee will question the Mayor directly about his proposed budget for 2012/13 on Tuesday January 10 at City Hall.
For more information, contact Julie Wheldon/Lisa Moore on 020 7983 4228/4283.
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